Finextra: Digital and cultural change will drive innovation

There is no denying that digital transformations are pushing the boundaries of banks’ client offerings. Whether it is digital access to accounts via smartphone apps, or more conceptual advances such as distributive ledger technologies or the Internet of Things, banks are continually developing new products and services to maintain pace with their clients’ expectations. In a video interview with Finextra, David Watson, Chief Digital Officer and Head of Corporate Cash Management Americas at Deutsche Bank, discusses the industry changes that could ease the next raft of technological breakthroughs

Watson asserts that a culture change among industry leaders is helping to drive innovation. He believes that banks are now more accustomed to partnerships and collaboration – but there is more to be done. While competition will not fully relinquish, unleashing the potential of various technologies will rest upon banks collaborating not only among themselves – but with technology providers and industry bodies. In Watson’s view, the optimal conditions for advancement come when a consortium of industry leaders unite to solve a common problem together.

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